Chevron Scaling Back in the Marcellus/Utica? Maybe

What a difference just a year or two makes–at least in the plans of a major oil and gas company like Chevron. It wasn’t so long ago that Chevron (2011) that Chevron bought out Atlas Energy and along with it 622,000 acres of Marcellus Shale leases. Chevron then picked up another 228,000 acres of Marcellus leases from Chief Oil & Gas. A little over a year ago Chevron got an initial approval to build a massive new 350,000 square foot headquarters in Moon Twp, PA, near Pittsburgh. Then the first red flag–Chevron put that project on hold in July of this year (see Chevron Puts Moon Twp, PA Office Building Project on Hold). Now a second, big red flag: Chevron is “restructuring” its northeast business unit. When a company throws around words like “become more efficient” and “long-term growth” that, frankly, does not foreshadow good things for some of the 700+ people who work in the Appalachia unit…